Ethereum: Is it customary to lose mining?
There is a widespread misconception in the wide blockchain world that only one mining man needs successful blockchain. However, it does not reflect reality. Ethereum (ETH) network is no exception. In fact, losing mining on other sides can be an important issue for many reasons.
What happens when many miners work together?
When several parties are dug to try to create a block, it is called “swimming pools” or “consensus mechanisms”. These swimming pools allow various mining workers to come together and use collective computing power to solve complex mathematical puzzles. A successful solution for these puzzles is what confirms the new block and involves events inside.
Subject with lost mining:
If many parties work together, it is increasingly difficult for every mining worker to achieve only a solution. When this happens, the unanimity mechanism can be disturbed. Thus:
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Loss of collective strength: Without sufficient computing power from several mining workers working together, the network collective strength is reduced.
- Increased time and energy expenditure: , the more parties are in the mining, the longer the solution will be to build and confirm new blocks. This increases the overall energy consumption and energy processing.
Real world examples:
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DAO (decentralized autonomous organization) Case: In 2016, hackers used an intelligent contract on the Ethereum network, resulting in theft of more than $ 50 million. The event emphasized the possible vulnerabilities of blockchain networks, as several mining workers work together to work on aspiration mines.
- * Ethereum Transition to Evidence (POS): As Ethereum transfer from POW (POS), new mining workers may become more difficult to secure their position and participate in the network.
Losing Mine Mine:
While losing mining can be a major problem, you can take steps to alleviate this problem:
- Add the number of nodes: with more node involved, any individual minister will reach a solution alone.
- Company Development: Shardening is the process in which Ethereum divides the network into smaller parallel circuits (fragments). This allows many mining workers to work together in different fragments, reduce collective strength and increase difficulty in dealing with mathematical puzzles.
Conclusion:
In summary, the loss of mining several parties that work together can be a problem for many reasons. Although not widespread, it can happen in scenarios with too many mining workers competing to provide a solution. To reduce this problem, Ethereum developers have studied alternative consensus mechanisms and solutions that can help reduce network collective durability.
In the future, we can see more concentration on shading and other methods that can help break down the mining between several nodes, reducing the likelihood of loss. As with all blockchain technologies, it is necessary to update it with possible vulnerabilities and adapt to changing scenarios when they occur.
Sources:
- “Ethereum: DAO attack emphasizes the risks of decentralized funding in Coinesssk (2020)
- “How Ethereum Moving to POS affects mining workers” by Cintelgraph (2019)